LAHORE: On 2018’s second day of trading at the Pakistan Stock Exchange (PSX), the indices were unstoppable. Despite a threatening tweet by the United States President Donald Trump, investors remained confident and KSE 100 racked points all day long.
The benchmark KSE 100 index opened the day lower and lost 175.25 points to touch an intraday low of 40,534.79 but soon recovered and flew to an intraday high of 41,566.76 with a rise of 855.72 points and settled 775.83 points up or 1.9 per cent at 41,486.87.
The KMI 30 index elevated 2.01 per cent to end the day at 70,177.30. The KSE All Share index appreciated 494.16 points with 221 advancers and 125 decliners.
In a recent boost at the PSX, the market has gained 9 per cent or 3,567 points since December 20, 2017. The market experienced a similar boost during December 1-20, 2016 where the indices gained 11 per cent or 4,588 points over 13 green sessions.
Investor participation improved as market volumes jumped from 118.26 million in the last session to 229.37 million rising 94 per cent a day on day basis, while traded value shot up 135 per cent with over Rs 10.5 billion exchanged.
TRG Pakistan Limited (TRG -3.45 per cent) led the volume chart with 20.77 million shares traded. K-Electric Limited (KEL +4.51 per cent) followed with 18.30 million and Fauji Cement Company Limited (FCCL +5.00 per cent) was next with 10.63 million.
Meanwhile, HBL (+3.3 per cent), PPL (+2.8 per cent), UBL (+2.9 per cent), MCB (+2.7 per cent), OGDC (+2.2 per cent), LUCK (+3.4 per cent), POL (+2.7 per cent), MARI (+4.4 per cent), DGKC (+4 per cent) and BAHL (+2.6 per cent) stayed ahead adding 456 points to the market, whereas TRG (-3.5 per cent), SNGP (-1.4 per cent), NCPL (-5 per cent), ATLH (-3.1 per cent), SCBPL (-3.8 per cent), JLICL (-1.8 per cent), ABOT (-1.1 per cent), EFUG (-1.3 per cent), SSGC (-0.9 per cent) and PTC (-1 per cent); lagged behind withholding a mere 44 points. Sector-wise; banks rallied on with 282 points, E&Ps 169 points, cement 134 points, fertilizers 59 points and power 30 points.
The cement sector managed to add 3.68 per cent to its cumulative market capitalisation. Fauji Cement Company Limited (FCCL +5.00 per cent), Bestway Cement Limited (BWCL +4.99 per cent), Kohat Cement Company Limited (KOHC +5.00 per cent) and Pioneer Cement Limited (PIOC +4.99 per cent) struck the upper circuit breaker.
Technically speaking, the KSE 100 Index extended its run-up for the 9th consecutive session and closed up just above 20WEMA on weekly charts. Next resistance is 20 Month EMA (41,807) which is just around the corner.
